NO.PZ202310070100000104
问题如下：
Assuming both companies have similar equity multipliers, OldShips is most likely to have a:
选项：
A.much lower ROE than CleanYards
similar ROE to CleanYards’.
much higher ROE than CleanYards.
解释：
B is correct; ROE = DTL × Asset turnover × Equity multiplier.
OldShips has half the degree of CleanYards’ total leverage. However, its asset turnover is double CleanYards’ (0.84× versus 0.42×). Since the equity multiplier is the same, their ROEs must be similar.
Degree of total leverage (DTL) = DFL × DOL = (% Δ Net income/% Δ Operating income) × (% Δ Operating income/% Δ Q).
Thus, OldShips’ DTL = 2 × 1 = 2, whereas CleanYards’ DTL = 2 × 2 = 4.
A and C are incorrect, because both companies must have similar ROEs.
这是什么考点
